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Understanding types of power of attorney

On Behalf of | Jun 23, 2022 | Uncategorized

Most people associate power of attorney with financial decisions for the elderly. Power of attorney decisions is part of the estate planning process. Making the correct decisions about power of attorney in Indiana and around the country means choosing the right agent.

What is a power of attorney?

Appointing a power of attorney agent is done when problems arise or in case of future incapacity. A power of attorney agent takes control of the affairs of the principal when they are unable to do so. Power of attorney is given to individuals for short periods to complete financial obligations.

Financial power of attorney

Financial power of attorney can be provided as part of an effective estate planning process. The principal can establish a set of rules that lead to their choice of an agent taking control. Trusted friends and family members are common choices to be power of attorney agents. Another option is appointing an attorney to preside over financial matters.

Medical power of attorney

Incapacity can strike at any time. An auto accident or chronic medical condition are common reasons for a power of attorney. A medical power of attorney is appointed to make decisions about providing healthcare and to make end-of-life decisions.

Choose a POA agent carefully

Appointing the right POA agent is an important part of estate planning. When choosing a financial or medical power of attorney agent consider who you trust to make the right choices. Not every person can make difficult medical and financial decisions on behalf of a loved one.

Estate planning prepares you for every eventuality that could arise in your future. Making power of attorney decisions in advance protects your estate from harm.